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DO I JUST BE PATIENT & LET THEM COME TO ME?
I HAVE A SHORT CREDIT HISTORY AND HAVE JUST ONE SECURED CREDIT CARD WITH A $300 LIMIT, WHICH I TYPICALLY KEEP BETWEEN 1-20% EVERY MONTH. IT HAS BEEN OPEN FOR ABOUT 8 MONTHS NOW THROUGH PUBLIC SAVINGS BANK (I ALWAYS PAY IN FULL) MY QUESTION IS DO I WAIT FOR THEM TO OFFER ME A LINE INCREASE OR SHOULD I GO AFTER IT MYSELF? THE LIMIT IS ONLY $300 AND WOULD LIKE TO HAVE ONE OF AT LEAST $500 OR SO...
OR AM I BETTER OFF WAITING FOR SOME DECENT PRE-APPROVED OFFERS TO COME THROUGH THE MAIL? AND IF SO HOW LONG DOES IT NORMALLY TAKE? I AM PRETTY PATIENT AND I UNDERSTAND THIS IS A GRADUAL PROCESS BUT I AM JUST SO EAGER TO BUILD A GOOD CREDIT HISTORY TO ONE DAY AFFORD A HOME. ANY SUGGESTIONS ARE REALLY TRULY APPRECIATED, THANKS SO MUCH YOU GUYS!
Asked by
mad1827
7 months ago
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Usually, a limit increase is offered within 6 to 12 months of the time you opened the card. If you request a limit increase, that will count as a hard inquiry on your report that can ding your score about 7 points. If you wait, the card company will do a soft inquiry which does not affect your score. That being said, secured cards can be a bit slow on uping a limit increase. I suggest you just wait.
scamps218 7 months ago
keep making your payments early and in 6 months or so you should see a line increase, although it does depend on the company...
I went through Capital One, and every 6 months, I got a line increase w/o asking for it, then after month 18 they stopped offering, so, I'm starting to look for no annual fee cards with a better rate... Just be patient, and realize nothing happens over night... you'll need 2 yrs solid credit with at least 3 lines in good standing to qualify for a home mortgage, so just hang in there, it will come..
let them come to you, and always act as if you dont need the credit, and then they will come to you.
matman1490 7 months ago
So very helpful as always... Thanks guys!!!
mad1827 7 months ago